David Rosenthal: belief

Transcript context

…Cash flow business but the same thing. A huge upfront infrastructure spend and you will get your money, basically recurring revenue year after year. It will take a while to get that back but then eventually, it’s a lot of money down the road and it’s recurring. And limited supply also. If you think about cable, in New York everyone knows when Time-Warner decided to stop carrying a channel, you’re out of luck. Same thing. There is a limited amount of commercial real estate in New York. I remember back in the mid-2000s, I was a media investment banker at UBS in New York. I remember covering cable companies and the history of cable companies, as we’ve discussed a little bit on Acquired, was like nobody believed in them during the 80s and 90s when they were incurring huge losses doing all this build out of laying the cable, laying the pipes into consumer’s homes, but then the switch flipped, exactly like you said, Dan, and then they became cash flow monsters and people love them. So, I think a lot of this bad here was the same thing that’s going to happen in WeWork. And Artie already said that explicitly over and over again. He felt they were analogous.…

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